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Netflix price target lowered at Morgan Stanley



Morgan Stanley cut off Netflix

NFLX, + 1.13%

12-month price target of $ 480 on Tuesday to $ 450 before the winning ad of the streaming giant. A stronger dollar and rising interest rates could increase costs for the company. This follows similar cuts from Raymond James, who dropped his price target from $ 445 on Monday to $ 400, and Goldman Sachs, who lowered his price target from $ 470 on Friday to $ 430. Despite the cut, Morgan Stanley retained its overweight position on Netflix and said the company's long-term outlook remains good, especially overseas. "European success reinforces the view that Netflix can scale historically challenging pay-TV markets over time," analyst Benjamin Swinburne wrote in a note to investors. Netflix shares fell 2.8% last week in a broader market sell-off, although they have so far risen 74% this year. The S & P 500

SPX, + 1

.42%

gained 4%

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